Swiss National Bank Grows Position in Rivian Automotive, Inc. $RIVN

Swiss National Bank raised its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 2,379,400 shares of the electric vehicle automaker’s stock after purchasing an additional 237,200 shares during the period. Swiss National Bank owned 0.21% of Rivian Automotive worth $32,693,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Rivian Automotive by 2.6% during the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock valued at $1,086,507,000 after buying an additional 1,983,509 shares during the period. Geode Capital Management LLC boosted its position in Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock valued at $200,200,000 after acquiring an additional 689,045 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Rivian Automotive by 11.2% in the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after acquiring an additional 809,064 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Rivian Automotive by 6.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker’s stock worth $62,882,000 after acquiring an additional 309,787 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Rivian Automotive in the 1st quarter worth $33,582,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RIVN. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Mizuho reaffirmed an “underperform” rating and issued a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Canaccord Genuity Group reiterated a “buy” rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Friday, October 3rd. Finally, The Goldman Sachs Group decreased their target price on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Six equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $14.34.

Rivian Automotive Stock Performance

Shares of RIVN opened at $15.56 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The stock has a 50-day moving average of $14.33 and a two-hundred day moving average of $13.90. The stock has a market cap of $19.08 billion, a P/E ratio of -5.00 and a beta of 1.81. Rivian Automotive, Inc. has a one year low of $10.36 and a one year high of $18.13.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.02. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.Rivian Automotive’s revenue for the quarter was up 78.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.08) earnings per share. As a group, research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the sale, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 87,250 shares of company stock worth $1,357,610 over the last three months. Company insiders own 2.16% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.